Mozo Review bcu Car Loan Review

Last updated: 11 October 2018.

What's hot:

Competitive 5.90% variable interest rate

Flexibility of additional payments

What's not:

$25 redraw fee

Mozo snapshot:

With a low 5.90% variable interest rate (6.82% comparison rate), the ability to make extra repayments and the option to pay out the loan early without penalty, the bcu car loan ticks all the right boxes for a great value secured car loan.

Key features:

The bcu special car loan has an upfront application fee of $250 and a monthly service fee of $8 for the life of the loan. It is available for loan amounts from $5,000 up to $65,000, so finding the right wheels to fit your budget shouldn’t be a problem.

Remember that in order to snag the low 5.90% interest rate, you'll need to bundle your car loan a bcu every day bank account.

You can choose a loan term to meet your budget as the special car loan is available for any term between 1 years to 5 years. Plus, the variable interest rate means you get a lot of flexibility as you can make extra repayments whenever you like and if you decide to pay out the loan early, there is no early termination fee.

While you also get the flexibility of a redraw facility if you do want to redraw on any extra repayments just be aware that there is a $25 redraw fee per redraw so don’t do this too often.

Who it's good for:

The bcu special car loan would be suitable for anyone over the age of 18 years looking at purchasing a new or used car over the value of $4000.

Any catches?

You’ll need to bundle the car loan with a bcu transactional access account to be eligible for the low rate but the good news is that bcu has a wide range of personal banking products to choose from including fee free bank accounts and home loans.

Details

Rates and fees information correct as at 19 December 2018. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Rates

Rate types

Variable

Rates from

5.90% p.a.variable

Comparison rate from*

6.82% p.a.based on $30,000 over 5 years

Fees

Application fee

$250.00

Service fee

$8.00

Late payment fee

$0.00

Exit fee

$0.00

Early repayment penalty

$0.00

Other financial bits

Minimum loan amount

$5,000.00

Maximum loan amount

$65,000.00

Minimum loan term

1 Year

Maximum loan term

5 Years

Security types

Vehicle

Features

Repayment options

Weekly, Fortnightly, Monthly

Extra repayments allowed

yes

Redraw allowed

yes

Other restrictions

Available only when bundled with BCU access account.

Other benefits

none

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.

Excellent

Very good all around and having a very nice person to talk to makes all the difference

Read full review

Very good all around and having a very nice person to talk to makes all the difference

Price

5/10

Features

5/10

Customer service

10/10

Convenience

9/10

Trust

8/10

Less

Wayne | New South Wales

reviewed about 3 years ago

Overall

10/10

Very helpful with fast results.

Very happy with the easy access to help and how fast and simple the process is.

Read full review

Very happy with the easy access to help and how fast and simple the process is.

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Kylie | New South Wales

reviewed about 3 years ago

bcu

About bcu

BCU began in 1970 when a group of north coast banana growers pooled their resources, and formed a credit union. Since those humble beginnings BCU has grown to 54,000 members, and includes 21 stores from the Sunshine Coast to Port Macquarie, a call centre located in northern NSW and Telephone and Internet banking facilities. Profits are returned back to members through loyalty rebates, affordable loans, sponsorships and educational programs. Regardless of where you live in Australia, BCU has a wide range of personal finance options to simplify your banking, including credit cards, home loans, personal loans, savings and transaction accounts and term deposits.

Rate & Review

Mozo provides factual information in relation to financial products. While Mozo attempts to make a wide range of products and providers available via its site it may not cover all the options available to you. The information published on Mozo is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. Mozo is paid by product issuers for clicks on, or applications for, products marked as "Promoted". If you decide to apply for a product you will be dealing directly with that provider and not with Mozo. Mozo recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see Mozo's FSG, General advice disclaimer or Terms of use.